Why use a Medical Billing Service?
1. Eliminate the hassles associated with medical billing
There are thousands of medical billing codes, along with ever-changing policies and procedures pushed down from the insurance payors. Working with a medical billing company will save your practice a significant amount of time and effort. Passing these responsibilities to a dedicated medical billing expert makes sense, as they will be held completely accountable for getting the job done every day.
2. Increase your net collections
Medical billers must be able to increase the net collections for their client. These increases typically fall between 5-50%, depending on how
many deficiencies are found within your existing system. These increased net collections is an immediate boost that will more than cover the
billing fees charged by the medical billing company.
Most clients have extra profits that get allocated to growing their practice or increasing staff bonuses.
3. Predictable cash flows and speeds up collections
What happens when you have complete focus on medical billing? Good medical billing services scrub claims before sending off to payors. This
leads to faster claim processing, less rejections and subsequently a reduction in your outstanding AR days.
The goal should be to have your outstanding days in AR less than 30 days. Reducing your outstanding AR days will always provide a more reliable and predictable cash flow.
4. 100% accountability
Most practices are forgiving of shortcomings in medical billing as they understand their billing team gets pulled in many directions, mostly
related to patient care. With an experienced medical billing company there are no interruptions, and therefore no excuses as the only goal is
collecting as much as possible in the shortest amount of time.
One account manager is your single point of contact and accepts 100% accountability for achieving optimal results.
5. Reduce overhead costs
Partnering with a medical billing company reduces overhead costs by changing your cost structure from a fixed departmental expense to a variable
cost that is directly tied to the net revenue collected.
Having medical billing department expenses directly associated with net collections is simply a good idea, because the billing fees decrease or increase in conjunction with how well the practice is doing. When patient visits and reimbursements are down so are your medical billing fees, and when patient visits and reimbursements are up it justifies paying higher fees for higher volume.
This relationship works especially well during times of uncertain patient volume.
6. Better efficiency, reporting and accountability
A medical billing service for your facility will automate the entire process, and what's even better is that all of this takes place behind the
scenes without needing your time, training, management, etc. Your staff will now have extra time to dedicate to patient care and satisfaction,
as well as growing the practice.
The outsourced medical billing service takes full accountability for the results of performing the entire revenue cycle, as billing experts are assigned to each component of the revenue cycle. Financial reports are shared to demonstrate excellent returns on investment.
7. Ease of use
You don't have to worry about learning anything new when using a medical billing service, and your outsourcing partner will make the transitions
In fact, your facility will quickly realize optimal results as the medical billing service experts have little to zero learning curves working on your account.
8. It increases your clinical space
By outsourcing your medical billing, administrative space can be converted into revenue generating space, such as exam rooms or an on-site lab. This shift can potentially generate thousands in additional revenue that couldn't be realized before due to space constraints.